Hyundai Motor Company and Kia Corporation have entered a strategic cooperation with Exide Energy Solutions Ltd. in the supply of electric vehicle (EV) batteries in India.

Accordingly, Exide Energy is a leading Indian battery company and that the two Korean conglomerates’ deal has to do with EV expansion plans in India.

The signing ceremony took place at Hyundai Motor Group’s Namyang Research and Development Center in South Korea.

Several officials of the three companies attended the signing ceremony. Namely, Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division, Chang Hwan Kim, Head of Electrification Energy Solutions Tech Unit, Duk Gyo Jeong, Head of Electric Vehicle Parts Purchasing Sub-Division. Also present is Dr. Mandar V Deo, Managing Director, and CEO of Exide Energy.

Important Foray Into Indian Market

With the expansion of their EV plans for the Indian market, Hyundai Motor and Kia aim to localize their EV battery production. Specifically, focusing on lithium-iron-phosphate (LFP) cells. Thus, this will position them as pioneers in domestically produced batteries in their upcoming EV models in the Indian market.

Heui Won Yang, President and Head of Hyundai Motor and Kia’s R&D Division said, “Through this global partnership with Exide Energy Solutions Ltd., we will gain a competitive advantage. Particularly, by equipping Hyundai Motor and Kia’s future EV models in the Indian market with locally produced batteries.”

Kolkata-based Exide Industries Ltd., a leading lead-acid battery supplier in India has over 75 years of experience and market leadership in lead-acid batteries. Furthermore, Exide Energy Solutions Ltd. is a subsidiary company of Exide Industries Ltd. Its business is the manufacture of Lithium-Ion cells, modules, and packsincorporating a portfolio of multiple chemistries and form factors.

Accordingly, the deal with Exide Energy marks Hyundai Motor and Kia’s efforts to foray into the Indian market. Particularly, to expand its exclusive battery development, production, supply, and partnerships.

India is a highly promising automotive market worldwide and the country is rapidly emerging as a critical player in the production and sales of EVs. Moreover, Hyundai Motor and Kia are taking the lead in the Indian market by introducing its EV models. Thus, establishing itself as the frontrunner in the Indian automotive industry.